Copy of AFAM_LBO - Debt Amortization Schedule Sensitivity...

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Unformatted text preview: Debt Amortization Schedule Sensitivity Analysis Capital Structure and WACC Calculations Capital Structure and WAC Calculations Pre-Deal Deal IRR Calculation Using Equity Values Uses of Capital USD in thousands except EPS 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 WACC Calculations 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pre Deal Deal 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 Pre Deal Deal 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 Equity Value 346,865.7 Cur ent Stock Price 37.09 Exit in Year IRR Injection Transaction Value 450,925.4 Revenue 353,50 375,3 0 412,863 450,021 486,02 520,04 5 1,247 578,809 601,961 620,020 Pre Deal Deal 201 2012 2013 2014 2015 2016 2017 2018 2019 2020 Starting Cash 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 58,476 9 ,385 Exit Multiple Equity 346,865.7 141,865.9 148,697.8 17 ,369.1 247,590.8 32 ,024.3 39 ,873.9 480,426.4 562,753.1 645,291.5 725,962.5 804,065.9 Beta Levered 1.16 1.15 1.13 1.12 1.1 1.10 1.09 1.08 1.07 1.06 1.06 1.05 Cur ent Net Debt (46,618.0) Premium 30% IRR 201 4.8% (141,865.9) 148,697.8 Financing Fe s 4,509.3 % Growth 4.9% 6.2% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% Beta Levered 1.16 1.15 1.13 1.12 1.1 1.10 1.09 1.08 1.07 1.06 1.06 1.05 Ad ition of Cash- - - - - - - 28,476 40,909 (65,257) Premium 23.0% 7.5x 8.0x 8.5x 9.0x 9.5x 10.0x 10.5x % Capital Structure 9 .6% 32.1% 34.9% 40.8% 51.1% 60.2% 68.4% 75.7% 82.5% 85.5% 86.9% 10 .0% Beta Unlevered 1.16 1.14 1.13 1.1 1.10 1.09 1.08 1.07 1.07 1.06 1.05 1.05 Enterprise Value 30 ,247.7 Of er Price 48.217 IRR 2012 1 .8% (141,865.9)- 17 ,369.1 Transaction Fe s 4,509.3 Cost of revenue 167,0 0 179,93 197,514 214,840 231,541 247,2 9 261,51 274,0 8 284,36 292,27 Beta Unlevered 1.16 1.14 1.13 1.1 1.10 1.09 1.08 1.07 1.07 1.06 1.05 1.05 Interest Income 345 345 345 345 345 345 345 509 908 768 35.0% 20.0% 2 .0% 23.9% 25.7% 27.3% 28.9% 30.5% Debt 1,325.0 30 ,135.0 27 ,157.0 257,8 3.4 236,791.1 212,56 .4 185,069.0 153,959.8 1 9,031.5 109,140.0 109,140.0 - Beta ReLevered 1.16 2.59 2.39 2.09 1.74 1.53 1.39 1.28 1.21 1.17 1.15 1.05 EV/EBITDA 5.5x Diluted Shares Outstanding 9,352.0 IRR 2013 20.4% (141,865.9)- - 247,590.8 Repay Existing Debt 1,325.0 % Margin 47.2% 47.9% 47.8% 47.7% 47.6% 47.5% 47.4% 47.3% 47.2% 47.1% Beta ReLevered 1.16 2.59 2.39 2.09 1.74 1.53 1.39 1.28 1.21 1.17 1.15 1.05 Ending Cash 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 30,0 0 58,476 9 ,385 34,128 40.0% 17.5% 19.4% 21.3% 23.0% 24.7% 26.3% 27.8% % Capital Structure 0.4% 67.9% 65.1% 59.2% 48.9% 39.8% 31.6% 24.3% 17.5% 14.5% 13.1% - Cost of Equity 1 .8% 19.6% 18.6% 17.0% 15.1% 14.4% 14.0% 13.7% 13.5% 13.4% 13.4% 12.1% Transaction Equity Value 450,925.4 IRR 2014 2 .7% (141,865.9)- - - 32 ,024.3 Total Uses 459,943.9 Gros profit 186,50 195,397 215,349 235,181 254,481 272,815 289,735 304,801 317,595 327,743 Cost of Equity 1 .8% 19.6% 18.6% 17.0% 15.1% 14.4% 14.0% 13.7% 13.5% 13.4% 13.4% 12.1% 45.0% 15.3% 17.2% 19.0% 20.7% 2 .3% 23.9% 25.3% Total Capital 348,190.7 4 2,0 0.9 4 2,0 0....
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Copy of AFAM_LBO - Debt Amortization Schedule Sensitivity...

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